The internet is the largest library of information. Every single data of life as well as man-made objects is available online. This could be very useful for your business as a lot of histories, purchasing habits as well as interests will be included in this data. But gathering and analyzing information from this consortium of information will not be as easy as seeking answers on a search engine. This is why you need the services of a Big Data Analytics Company.

Definition of Big Data

Big data analytics is the process of examining large data sets to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful business information. The information derived from this analysis can lead to more effective marketing, new revenue opportunities, better customer service, improved operational efficiency, competitive advantages over rival organizations and other business benefits.

Why is big data analytics important?

Big data analytics helps organizations harness their data and use it to identify new opportunities. That, in turn, leads to smarter business moves, more efficient operations, higher profits and happier customers. The most used strategies of big data analytics are:

  • Cost reduction: Big data platforms and cloud-based analytics bring significant cost advantages when it comes to storing large amounts of data – plus they can identify more efficient ways of doing business.
  • Faster, better decision making: With the speed of customized Big data Platforms and in-memory analytics, combined with the ability to analyze new sources of data, businesses are able to analyze information immediately – and make decisions based on what they’ve learned.
  • New products and services: With the ability to gauge customer needs and satisfaction through analytics comes the power to give customers what they want. Davenport points out that with big data analytics, more companies are creating new products to meet customers’ needs.

Big data can also be applied to real-time fraud detection, complex competitive analysis, call center optimization, consumer sentiment analysis, intelligent traffic management, as well as to manage smart power grids. These are just a few of the applications that Big data can be used for. It actually can be categorized into three primary factors: volume, velocity and variety. In short, big data simply means more than organizations can manage effectively with their current BI program.

The Types of Big data that can assist your business:

  • Prescriptive – This type of analysis reveals what actions should be taken. This is the most valuable kind of analysis and usually results in rules and recommendations for next steps.
  • Predictive – An analysis of likely scenarios of what might happen. The deliverables are usually a predictive forecast.
  • Diagnostic – A look at past performance to determine what happened and why. The result of the analysis is often an analytic dashboard.
  • Descriptive – What is happening now based on incoming data. To mine the analytics, you typically use a real-time dashboard and/or email reports.

The concept of big data analytics is currently the biggest trend in the world of Information Technology. Visit us at www.sgstechnologies.net or contact us at info@sgstechnologies.net to discuss more about it.

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What is big about Big Data?

 77

The internet is the largest library of information. Every single data of life as well as man-made objects is available online. This could be very useful for your business as a lot of histories, purchasing habits as well as interests will be included in this data. But gathering and analyzing information from this consortium of information will not be as easy as seeking answers on a search engine. This is why you need the services of a Big Data Analytics Company.

Definition of Big Data

Big data analytics is the process of examining large data sets to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful business information. The information derived from this analysis can lead to more effective marketing, new revenue opportunities, better customer service, improved operational efficiency, competitive advantages over rival organizations and other business benefits.

Why is big data analytics important?

Big data analytics helps organizations harness their data and use it to identify new opportunities. That, in turn, leads to smarter business moves, more efficient operations, higher profits and happier customers. The most used strategies of big data analytics are:

  • Cost reduction: Big data platforms and cloud-based analytics bring significant cost advantages when it comes to storing large amounts of data – plus they can identify more efficient ways of doing business.
  • Faster, better decision making: With the speed of customized Big data Platforms and in-memory analytics, combined with the ability to analyze new sources of data, businesses are able to analyze information immediately – and make decisions based on what they’ve learned.
  • New products and services: With the ability to gauge customer needs and satisfaction through analytics comes the power to give customers what they want. Davenport points out that with big data analytics, more companies are creating new products to meet customers’ needs.

Big data can also be applied to real-time fraud detection, complex competitive analysis, call center optimization, consumer sentiment analysis, intelligent traffic management, as well as to manage smart power grids. These are just a few of the applications that Big data can be used for. It actually can be categorized into three primary factors: volume, velocity and variety. In short, big data simply means more than organizations can manage effectively with their current BI program.

The Types of Big data that can assist your business:

  • Prescriptive – This type of analysis reveals what actions should be taken. This is the most valuable kind of analysis and usually results in rules and recommendations for next steps.
  • Predictive – An analysis of likely scenarios of what might happen. The deliverables are usually a predictive forecast.
  • Diagnostic – A look at past performance to determine what happened and why. The result of the analysis is often an analytic dashboard.
  • Descriptive – What is happening now based on incoming data. To mine the analytics, you typically use a real-time dashboard and/or email reports.

The concept of big data analytics is currently the biggest trend in the world of Information Technology. Visit us at www.sgstechnologies.net or contact us at info@sgstechnologies.net to discuss more about it.

Category : Big Data

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